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Public Housing Policy In Singapore Essay

995 words - 4 pages

1 INTRODUCTION
The Singapore public housing policy since its establishment has proved to provide shelter for the population and has contributed significantly to the economic, social and political development of Singapore. This policy has been the benchmark for the best public housing by other countries notably China and Hong Kong (Yang, 2010; Wong, 2011).

The public housing policy implementation has been spearheaded by Housing and Development Board (HDB) to tackle post war economic problems such as rapid population growth, high unemployment rate and a critical shortage of sanitary housing (HDB, 2014). The policy was also aimed to mitigate social problems such as riots and strikes among the ...view middle of the document...

The government started to offer “Home Ownership Scheme” in 1964 and passed the Land Acquisition Act in 1966 that has helped the government acquire land below market prices (HDB, 2014). Adequate land for public housing with 87% land ownership rate lead to domination of HDB flat in Singapore housing market (HDB, 2014). Table 1 shows that Singapore’s political stability has helped shaping a consistent public housing policy over the years with continuous and gradual adjustments to the changing needs of Singaporean (William & Puey, 2012)
Table 1: Singapore’s Public Housing Policy
1927 Singapore Improvement Trust (SIT)
1960 Housing and development Board (HDB)
1960 Housing and Development Bill
1964 Home Ownership Scheme
1966 Land Acquisition Act
1968 Central Provident Fund (CPF) - allowed to use the funds to finance their purchase of HDB flats.
1994 Subsidizing of purchase from the resale market
2001 Build-to-order (BTO) system - it would invite applications for the flats to be built on the proposed sites and start building only if most of the units had been booked. This system would thus allow HDB to increase or reduce its supply of flats according to demand
2005 Build and sell scheme (DBSS) - designated sites are sold to private developers, who are then responsible for designing, building and selling the flats.
2007 Treelodge@Punggol, HDB’s first eco-precinct was launched incorporating innovative green energy and water technology.
2009 The Lease Buyback Scheme provides a monetization option for the elderly, allowing them to age in place with a steady income stream.

Works Cited

Asher, Mukul G. 2001. "Managng National Provident Funds in Malaysia and Singapore." World Bank Conference on Public Pension Fund Management. Washington DC: National University of Singapore.
AsiaOne. 2013. Average Singaporean works 2,287 hours a year. September 2. Accessed March 4, 2014. http://business.asiaone.com/career/news/average-singaporean-works-2287-hours-year-study.
Board, Housing Development. 2013. HDB Annual Report. Singapore: Housing Development Board.
2014. Central Provident Fund Board. Accessed March 4, 2014. http://mycpf.cpf.gov.sg/Members/home.htm.
Chan, Angelique. n.d. "Singapore’s Changing Structure and the Policy...

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